The flagship cryptocurrency continued its steady rise. Overnight on November 8–9, the asset price broke through the $36,000 level and then reached $36,700.
Against a backdrop of higher trading volumes, Bitcoin rose above $37,000 and subsequently reached $37,600.
Over the past 24 hours the asset rose 6.6%, according to CoinGeGecko.
Top altcoins also rose in price, lagging the leading asset in momentum.
As of writing, Bitcoin was trading around $36,700, and Ethereum around $1,920.
Total market capitalisation stood at $1.42 trillion, Bitcoin’s dominance at 50.3%.
Data provider CCData said that total trading volume on CEX in October rose by 87.2% versus September, to $632 billion. The gauge marked its first rise in four months.
MN Trading founder Michaël van de Poppe forecasts the total market capitalisation rising to $1.8 trillion after a likely consolidation of the figure in the $1.15-1.3 trillion range.
The total market capitalization of #Crypto follows the line.
A new higher high has been created and, a new higher low is created.
Maybe some more consolidation between $1.15-1.30T, but next target remains at $1.80T. pic.twitter.com/ok2lJU1JlU
— Michaël van de Poppe (@CryptoMichNL) November 8, 2023
Earlier-known experts stated the prerequisites for Bitcoin’s move to $40,000, noting in particular the rise in open interest in futures tied to digital gold.
In October, technical analyst and head of Factor LLC Peter Brandt urged traders to prepare for a ‘knife-fight’.